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(Bloomberg) -- Bill Pulte was confirmed as director of the Federal Housing Finance Agency after a majority of the Senate backed him to lead an agency that plays a key role in the US housing market through its oversight of Fannie Mae and Freddie Mac.
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Pulte was cleared by a vote of 56-43 on Thursday and will take the reins of the FHFA amid mounting calls for the agency to end its oversight of the two entities. The companies, which play a crucial role in the market for mortgage-backed securities, have been under conservatorship since they were bailed out by the federal government during the 2008 financial crisis.
While some investors are pushing for the Trump administration to release the companies, Pulte signaled an intention to move deliberately, telling the Senate Banking Committee in February that “any exit from conservatorship must be carefully planned to ensure the safety and soundness of the housing market without upward pressures on mortgage rates.”
Pulte is the grandson of Bill Pulte, who founded PulteGroup Inc. and turned it into one of the largest homebuilders in the US. The younger Pulte previously had a stint on PulteGroup’s board, though recently he’s feuded with company management. He is better known for his activities online, where he rose to fame by giving cash to social media followers to help them pay for medical bills, rent and other expenses.
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